Opérations et transactions|15 décembre 2010
Eagle Credit Card Trust completes public offering of C$600 million of credit card receivables-backed notes
Torys acted as counsel to President's Choice Bank, Loblaw Companies Limited and Eagle Credit Card Trust with a team that included Michael Feldman, Jim Hong, Michael Zackheim, Eric Boehm, Eli Monas and Mohammed Muraj (corporate/securities) and John Tobin and Richard Johnson (tax).
On December 15, 2010, Eagle Credit Card Trust completed an offering of (i) C$250 million aggregate principal amount of Series 2010-1 Notes in three classes, consisting of C$232.5 million aggregate principal amount of 2.782% Credit-Card Receivables Backed Class A Notes, C$8.75 million aggregate principal amount of 3.652% Credit-Card Receivables Backed Class B Notes and C$8.75 million aggregate principal amount of 4.752% Credit-Card Receivables Backed Class C Notes (collectively, the "Series 2010-1 Notes"); and (ii) C$350 million aggregate principal amount of Series 2010-2 Notes in three classes, consisting of C$325.5 million aggregate principal amount of 3.474% Credit-Card Receivables Backed Class A Notes, C$12.25 million aggregate principal amount of 4.434% Credit-Card Receivables Backed Class B Notes and C$12.25 million aggregate principal amount of 5.484% Credit-Card Receivables Backed Class C Notes (collectively, the "Series 2010-2 Notes"), for total proceeds of C$600 million.
The notes were issued under two pricing supplements, each dated December 8, 2010, to Eagle's short form base shelf prospectus dated February 5, 2009. The offering of the Class A Notes of each series was co-led by CIBC World Markets Inc. and RBC Dominion Securities Inc., and also included BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc. and TD Securities Inc. The offering of the Class B Notes and the Class C Notes of each series was exclusively led by CIBC World Markets Inc.
The proceeds from the offering of the Series 2010-1 Notes and the Series 2010-2 Notes were used by Eagle to purchase from President's Choice Bank a Series 2010-1 Co-ownership Interest and a Series 2010-2 Co-ownership Interest, respectively, in a revolving pool of President's Choice Financial Mastercard credit card receivables.
Further information is found on Canada Newsire.
The notes were issued under two pricing supplements, each dated December 8, 2010, to Eagle's short form base shelf prospectus dated February 5, 2009. The offering of the Class A Notes of each series was co-led by CIBC World Markets Inc. and RBC Dominion Securities Inc., and also included BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc. and TD Securities Inc. The offering of the Class B Notes and the Class C Notes of each series was exclusively led by CIBC World Markets Inc.
The proceeds from the offering of the Series 2010-1 Notes and the Series 2010-2 Notes were used by Eagle to purchase from President's Choice Bank a Series 2010-1 Co-ownership Interest and a Series 2010-2 Co-ownership Interest, respectively, in a revolving pool of President's Choice Financial Mastercard credit card receivables.
Further information is found on Canada Newsire.